Policy University Management FMPM 100 - FMPM 199 - Introduction FMPM 100 Financial Management Practice Manual - Overview
FMPM 100 Financial Management Practice Manual - Overview
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Intent
This policy is intended to guide and direct University financial management practices.
Scope
This policy applies to all employees and persons acting for, or on behalf of the University, engaged in duties in connection with the financial management of the University, or part thereof, must comply with the overarching principles for the reference guide.
Definitions
Financial Management Practice Manual (FMPM) – reflects the financial practices (systems, policies and procedures) used by the University to manage financial resources.
Policy
- The University will develop and document financial management practices and controls necessary to give effect to matters contained in the Financial and Performance Management Standards 2009 (Qld), empowered under the Financial Accountability Act 2009 (Qld).
- The practices and controls, including specifications of requirements related to the Financial and Performance Management Standards 2009 (Qld) will be documented in the Financial Management Practice Manual. These will be described as Financial Policies and with related Financial Procedures.
- Finance Directives (Policy) – summarise the minimum legislative requirements of the University and documents any further policy requirements to ensure the effective management of the University.
- Finance Procedures – documents the detailed procedures required to enact the legislative and policy requirements.
- The contents of the Financial Management Practice Manual must be kept current.
- Records must be retained of superseded versions of the Financial Management Practice Manual for a minimum of 12 months following the completion of the external audit.
- The following systems are adopted to effectively and economically manage the financial resources of the University:
- A revenue management system - FMPM 600-699;
- An expense management system - FMPM 700-799;
- An asset management system - FMPM 240-299 and 310-399;
- A cash management system – FMPM 200-239 and 300-309;
- A liability management system - FMPM 400-489;
- A contingency management system – FMPM 490-499;
- An equity management system - FMPM 500-599;
- A planning management system - FMPM 800-899; and
- Further applications:
- FMPM 900-999,
- Appendix A – Delegations Policy,
- Appendix B – Accounting Policies,
- Appendix C – Related Legislation, and
- FMPM Glossary.
- Reportable Gifts Policy
Related policy instruments
N/a
Schedules/Appendices
N/a
Related documents and legislation
Australian Accounting Standards
Financial Accountability Act 2009 (Qld)
Financial and Performance Management Standard 2009 (Qld)
James Cook University Act 1997 (Qld)
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 31/03/2020 |
Revision History
Version | Approval Date | Implementation date | Details | Author |
---|---|---|---|---|
16-1 (V1.0) | 11/09/2016 | 12/09/2016 | Updated to amend position titles and other minor amendments | Director, F&BS |
11-02 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
11-01 | 14/04/2011 | 14/04/2011 | Finance Committee (02/11) | |
01-01 | 12/2001 | 12/2001 |
Keywords | Financial, financial practices, manual |